Rakuten Wallet, a cryptocurrency exchange based in Japan, has partnered with blockchain analytics firm CipherTrace to implement Anti-Money Laundering (AML) program on its new crypto exchange.

As per a press release, CipherTrace will secure the exchange, as well as guarantee the safety of Rakuten Wallet’s investors.

“Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption,” said Dave Jevans, CEO of CipherTrace. “It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market.”

Commented on the partnership, Yoshinao Kiyama, Head of the Risk Control Department at Rakuten Wallet said: “Regulatory compliance and anti-money laundering protections are of the utmost importance, and we believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.”

Launched in March 2019, Rakuten Wallet is a subsidiary of global e-commerce Rakuten Group. Rakuten Wallet intends to launch the exchange this June. According to the company, its upcoming trading platform will include a smartphone application for trading cryptocurrency. There will be no fee in creating a new account and customers’ assets will be stored in a cold wallet.

Earlier in April, Rakuten Wallet reportedly opened online registration, available for customers who have Rakuten user IDs and associated bank accounts.

Also in April, giant cryptocurrency exchange Binance partnered with CipherTrace to enhance the exchange’s AML compliance program and improve its compliance standards, reported by The Crypto Sight on Apr 14.